Greed of the Super Rich, Lizzie in Trouble.

[tinfoilhat]

Can anyone enlighten me as to the benefits gained by the Isle Of Man treasury to giving Hamilton a 3.something million VAT repayment? What did they get in return?

 

I know he (or his multifarious companies) bought the jet but why would the IOM give him a full VAT repayment if he wasn't, at the same time, paying something over to them?

 

His companies can't be paying CT because it's 0% there, so why would they make such a repayment? I'm a bit confuddled. There must be some benefit to them or else they are just throwing public money down the drain, that could pay for hospitals, schools, police, blah, blah, blah.

 

This might shed a bit of light on it http://www.bbc.co.uk/news/resources/idt-sh/the_island_that_swapped_donkey_rides_for_offshore_cash

[I1L2T3]

Because they havnt done anything illegal . Tax avoidance is perfectly legal.

 

---------- Post added 07-11-2017 at 22:56 ----------

 

 

Again , he is no longer resident in the UK ,so has no obligation to pay tax in this country

 

---------- Post added 07-11-2017 at 22:57 ----------

 

 

Im pretty confident that there will be Labour donors on the paradise papers list .

 

As explained earlier not all tax avoidance is:

1. Actual avoidance. Sometimes it turns turns out to be evasion.

2. Legal in perpetuity. Sometimes it turns out to be contrary to the GAARs in various countries and can be retrospectively declared illegal.

 

That is the point with aggressive avoidance which is a big part of what the Panama and paradise papers have uncovered.

 

Revealing these papers has an important purpose for citizens of many countries, the Panama papers for example have led to strengthening of law in a few countries now. The paradise papers should feed into that process too.

[Cyclone]

Can anyone enlighten me as to the benefits gained by the Isle Of Man treasury to giving Hamilton a 3.something million VAT repayment? What did they get in return?

 

I know he (or his multifarious companies) bought the jet but why would the IOM give him a full VAT repayment if he wasn't, at the same time, paying something over to them?

 

His companies can't be paying CT because it's 0% there, so why would they make such a repayment? I'm a bit confuddled. There must be some benefit to them or else they are just throwing public money down the drain, that could pay for hospitals, schools, police, blah, blah, blah.

 

They gave him the refund because he claimed that it was a business cost. Simple. They don't have to get anything in return. It's not a refund out of corporation tax, it's a vat refund, which his company had first paid and then got back (or more likely never actually paid).

They don't get a choice though, it's not like they can decline and decide to keep the VAT payment.

Now if it turns out that it's not a business expense, then he's committing fraud and HMRC can prosecute...

 

---------- Post added 08-11-2017 at 08:30 ----------

 

What we should do is stop paying our council tax and see how long the government puts up with that.No tax loopholes for us proletariat PAYE,s who cannot avoid tax.I am going to ask my boss of our company if he can pay me my wages into an offshore fund for me which I can then loan back tax free.Somehow I just know what answer I will get back.

 

Of course you can avoid tax. Increase your pension contributions and put some money in an ISA. Buy a bike on the bike to work scheme, sign up for childcare vouchers, swap pay for holidays.

All these things reduce the amount of tax you have to pay.

[sgtkate]

In all seriousness, the publicising of the Paradise Papers are toxic to the fiction that capitalism benefits all and that somehow the masses who 'play by the rules' can share in the wealth of the super rich, if only they knuckle down and work hard.

 

The Daily Mail has editorials complaining that such private tax affair revelations are damaging capitalism and its only a greedy few that exploit the system and give it a bad name. When in reality the system was designed to benefit the super rich and the powerful from the start, be they individuals or multinational companies.

 

More revelations will follow. A 'drip drip' of water by itself is of little consequence, but over time it can erode solid rock. The steady drip, drip, drip of these toxic tax revelations can, over time, weaken and destroy even capitalism...

 

Now you post something I agree with entirely. The irony is though that the EU is working hard to bring in laws to massively reduce the ability of private individuals and companies to dodge their tax through loopholes just as you vote to leave it. The UK currently has NO plans to do anything.

 

---------- Post added 08-11-2017 at 09:02 ----------

 

Because they havnt done anything illegal . Tax avoidance is perfectly legal

 

They haven't no, but you have. And you've admitted it publically on here. I really hope you get the police knocking on your door soon and are forced to repay plus interest every penny you've STOLEN from our hospitals and schools.

[RiffRaff]

It's well known that VAT is a minefield, hence expert guidance is sought/found.

For example...

You buy an air ticket - it doesn't matter the origin or destination country, or the fare - from a company based and trading in England.

The company's turnover is in the low millions, and is VAT registered.

The invoice for your ticket states the fare - inclusive of the plethora of airport taxes - and then a service/admin fee of £X is added.

The service fee represents the charge relating to the work done in providing you with the ticket and reservation.

Would you expect VAT to be added to the service fee?

[Cyclone]

Without googling it, yes I would, services in the UK charge VAT.

[Supertramp]

Read in todays paper prince charles has millions in off shore accounts thats him david camron the queen the old adage do as i say not as i do springs to mind :help:whos next lol

 

When have either of those 3 ever said 'don't invest anywhere but in the UK'?

[Anna B]

Now you post something I agree with entirely. The irony is though that the EU is working hard to bring in laws to massively reduce the ability of private individuals and companies to dodge their tax through loopholes just as you vote to leave it. The UK currently has NO plans to do anything.

 

---------- Post added 08-11-2017 at 09:02 ----------

 

 

They haven't no, but you have. And you've admitted it publically on here. I really hope you get the police knocking on your door soon and are forced to repay plus interest every penny you've STOLEN from our hospitals and schools.

 

The Conservatives may have no plans to do anything about taxing the super rich, but Jeremy Corbyn has. And unlike the Tories, he tends to mean what he says.

[Supertramp]

The Conservatives may have no plans to do anything about taxing the super rich, but Jeremy Corbyn has. And unlike the Tories, he tends to mean what he says.

 

Yes Corbyn definitely always means what he says.

 

Like the time on the train.

Like on tuition fees.

Like on sexual harassment whilst promoting one

Like on Brexit and single market access

[Cyclone]

You can avoid paying tax by investing in an ISA, or offshore, both legal.